CONDITIONAL DEED OF SALE WITH ASSUMPTION OF MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

THIS DEED OF SALE WITH ASSUMPTION OF MORTGAGE is made,

executed and entered by;

_____________________________ of legal age, Filipino, and with residence

__________________________________________. hereinafter referred to as the
VENDOR.

-AND-

_____________________________ of legal age, Filipino, and with residence

__________________________________________. hereinafter referred to as the
VENDEE.

WITNESSETH:

That the VENDOR is the registered owner of the motor vehicle, particularly described
as follows, to wit:

MAKE: MV FILE NO.:

SERIES: YEAR MODEL:
BODY TYPE: CHASSIS NO.:
ENGINE NO.: COLOR:
DENOMINATION: CONDUCTION STICKER:
CR NO.: PLATE NO.:
OR NO.:

That the above-described vehicle is currently mortgaged to ___________, and

shall continue paying the monthly mortgage of ________________________
_________ PESOS (PHP_______.00) without demand every ___day of the month
starting ______________ until ______________ with bank of with loan account number
_________________.

FAILURE OF THE VENDEE TO PAY TWO (2) CONSECUTIVE MONTHS shall give
the VENDOR the right to immediately take the possession of the motor vehicle without
court intervention, and declare this CONDITIONAL DEED OF SALE WITH
ASSUMPTION OF MORTGAGE TERMINATED WITH THE VENDEE IN DEFAULT
without regard to any civil or criminal case that the Vendor may file against the Vendee.

- Vendee agrees to pay interest and penalties of the total amount due for delayed
payment.
- Obligation like periodic maintenance, insurance & registration will be paid and
executed by the vendee.
- Vendee cannot pawn or sell the vehicle while still on mortgage without the
consent of the vendor.
- That the vendor shall not be responsible for all accidents, damages or
civil/criminal liabilities involving the said vehicle during the duration if this
agreement.
- That the necessary repairs, purchase of spare parts and other materials of the
vehicle shall be shouldered by the vendee; the vendee agrees to safely use and
maintain the vehicle in good working order at his own expense, and to keep it
from other liens and encumbrances at his above-stated address, and not to
transfer the vehicle outside Luzon without the consent of the Vendor.
- That the ownership of the said motor vehicle remains with the Vendor and shall
pass to and be transferred to the vendee only upon the complete payment of the
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full consideration agreed upon, and upon execution of the DEED OF ABSOLUTE
SALE.
- That this agreement is binding not only upon the herein parties but also upon
the legal heirs and successors-in-interest of the said parties.
- Agents are not liable unsettled payments and any arguments between the
vendor and the vendee.

That only after FULL PAYMENT of the total amortization from the bank this agreement
becomes ABSOLUTE and the motor vehicle’s registration and full ownership will be fully
transferred to the Vendee.

IN WITNESS WHEREOF, we have hereunto affixed our hands this

_______________ at ________________, Philippines.

____________________________ ______________________________
Vendor Vendee

Signed in the presence of:

____________________________ _____________________________

ACKNOWLEDGENT

REPUBLIC OF THE PHILIPPINES)

PROVINCE OF ________________) S.S
CITY/MUNICIPALITY OF ____________)

Before me, A Notary Public for and in the City/Municipality of ______________________

appeared ______________________and _____________________ made know to me
the same person who executed foregoing deed of sale of motor vehicle with assumption
mortgage and they acknowledge before me that the same is their free and voluntary act
and deed.

WITNESS MY HAND AND SEAL, this _______ day of ______________________.

Doc. No. ____.

Page No. ____.
Book NO. ____.
Series of 20__.